Lyft, Inc. $LYFT Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 250.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,246,519 shares of the ride-sharing company’s stock after purchasing an additional 3,033,333 shares during the quarter. Principal Financial Group Inc.’s holdings in Lyft were worth $56,479,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of LYFT. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Lyft during the fourth quarter worth about $26,000. International Assets Investment Management LLC acquired a new position in Lyft in the 4th quarter worth approximately $40,000. Huntington National Bank increased its holdings in Lyft by 171.8% in the 4th quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company’s stock worth $42,000 after buying an additional 1,374 shares during the period. Ascentis Independent Advisors purchased a new position in Lyft during the 1st quarter worth approximately $43,000. Finally, Tower Research Capital LLC TRC raised its position in Lyft by 410.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,217 shares of the ride-sharing company’s stock worth $51,000 after buying an additional 2,587 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Stock Down 2.9%

LYFT stock opened at $15.52 on Friday. The firm has a market cap of $5.89 billion, a PE ratio of 2.27, a P/E/G ratio of 0.95 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.58 and a current ratio of 0.58. The firm’s fifty day moving average is $14.34 and its 200 day moving average is $14.93. Lyft, Inc. has a one year low of $12.46 and a one year high of $25.54.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company posted $0.01 EPS. The company’s revenue was up 17.2% on a year-over-year basis. On average, research analysts forecast that Lyft, Inc. will post 0.69 EPS for the current year.

Analysts Set New Price Targets

LYFT has been the topic of several recent research reports. Zacks Research downgraded shares of Lyft from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Citigroup assumed coverage on shares of Lyft in a report on Wednesday, June 17th. They set a “buy” rating for the company. Truist Financial boosted their target price on shares of Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, May 8th. BTIG Research raised Lyft from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 17th. Finally, Sanford C. Bernstein assumed coverage on Lyft in a research note on Wednesday, June 17th. They set an “underperform” rating for the company. Thirteen research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.40.

Insiders Place Their Bets

In related news, insider Lindsay Catherine Llewellyn sold 11,491 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $15.00, for a total value of $172,365.00. Following the completion of the transaction, the insider owned 853,731 shares of the company’s stock, valued at approximately $12,805,965. This represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $28,799.68. Following the transaction, the director owned 30,092 shares in the company, valued at $414,065.92. This represents a 6.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,535 shares of company stock worth $637,456 in the last 90 days. 0.92% of the stock is currently owned by company insiders.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.